VALLEY NAT. BANK OF ARIZONA v. Kohlhase

OPINION

McGREGOR, Judge.

In this opinion, we address whether Arizona Revised Statutes Annotated (“A.R.S.”) section 33-814 (1990) precludes a creditor’s cause of action for deficiency because the creditor (1) elects its remedy by foreclosing on a commercial property secured by a deed of a trust by trustee’s sale or (2) initiates an action on a debt before conducting a trustee’s sale but fails to file an “action for deficiency” after but within ninety days of completing the trustee’s sale. We conclude that the statute permits an action for deficiency in either situation.

I

Although the facts…